10 things you need to know today (SPY, SPX, QQQ, DIA, NDAQ)

Jonathan Garber

Jun. 14, 2017, 06:50 AM

Reuters/Jason Lee

Here is what you need to know.

It's a Fed day. The market is pricing in a 94.8% chance that the Federal Reserve will hike interest rates at Wednesday's meeting, but the Fed chair, Janet Yellen, will have a harder time justifying that hike, Business Insider's Pedro Da Costa says.

UK wage growth slows. Wages climbed by 2.1% including bonuses in May and 1.7% excluding bonuses, data released Wednesday by the Office for National Statistics showed. Average earnings adjusted for inflation slipped by 0.4% including bonuses and 0.6% excluding them.

China's retail sales beat. Retail sales rose by 10.7% year-over-year in May, according to data released Wednesday by the National Bureau of Statistics. That was just ahead of the 10.6% that economists had anticipated.

Oil is sliding. West Texas Intermediate crude oil trades down by 1.2% at $45.92 a barrel after data released Tuesday showed OPEC production was rising. US oil inventories will be released at 10:30 a.m. ET.

Nasdaq is ferociously defending its territory. Nasdaq wants regulators to reject a proposal by Bats that would allow it to compete for orders at the market close, arguing it would cause harm to both publicly traded companies and their shareholders, Reuters says.

Stock markets around the world are mixed. China's Shanghai Composite (-0.7%) was the laggard in Asia, and Germany's DAX (+0.7%) is out front in Europe. The S&P 500 is set to open little changed near 2,440.

US economic data is flows. CPI and retail sales will cross the wires at 8:30 a.m. ET. The US 10-year yield is down by 2 basis points at 2.20%.